File image: IOL
File image: IOL

WATCH: Rand trades on a firmer footing

By Compiled by Dhivana Rajgopaul Time of article published Jun 4, 2019

Share this article:

JOHANNESBURG - The rand traded on a firmer footing during the early European session, thanks to a weaker USD, although traders are gearing up for a busy week according to NKC Research.

On domestic soil, the economic calendar is dominated by the Q1 GDP release due today, which is expected to confirm a contraction on a qo-q basis, while current account data due for release on Thursday will cast the spotlight on the rand fundamentals. Meanwhile, external factors could weigh on the local unit as global trade tensions escalate. At the close of local trade, the rand quoted 0.7 percent stronger at R14.47/$, after trading in range of R14.45/$ - R14.62/$. The rand traded flat overnight. Expected range today R1.35/$ - R14.60/$.

South African bourse

The JSE All Share (+1.1 percent) ended higher yesterday led by gains in large gold mining (+3.3 percent) and technology (+2.2 percent) shares. In the overall emerging market sphere, the MSCI Emerging Market Index (+1.0 percent) traded higher. In local news, Shoprite (+1.0 percent) announced yesterday that it had ended a deal to buy back deferred shares held by its chairman Christo Wiese, after failing to convince shareholders.

Brent crude oil

The Brent oil price traded higher yesterday, following its dramatic fall on Friday, after Saudi Arabia vowed to manage global oil supply. At the close of local trade, benchmark Brent crude futures quoted 1.0 percent higher at $61.93pb. Crude prices traded flat during Asian trade this morning. 

Like the Business Report on Facebook by clicking here or follow us on Twitter @Busrep.

You can also follow the Business Report on Instagram here


Share this article:

Related Articles